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Colts’ Revenues In ’03 Fall $12.6M Below League Median
Published November 16, 2004
|Colts’ ’03 Revenue Falls $12.6M
Below League Median
The NFL told the city of Indianapolis that the city’s taxpayers “could face paying $12.6[M] or more every year” to bring the Colts’ ‘03 revenues up to the NFL median as required by the team’s lease, according to a front-page piece by John Fritze of the INDIANAPOLIS STAR. The lease runs through 2013, but an escape clause “could be activated in 2007 unless the city is willing” to make the payments. For ’02, the difference between the Colts’ revenue and the NFL median was $10.6M. A new contract now under negotiation would “make the disparity irrelevant,” and would “include a new stadium and an expanded convention center” which would cost about $750M. Capital Investment Board President Fred Glass, who is negotiating with the team on behalf of the city, said, “My hope is that we could deal with these payments as part of an overall new agreement with the team.” Indianapolis Mayor Bart Peterson “hopes a contract could be negotiated by next month” (INDIANAPOLIS STAR, 11/16).